Amazon will be announcing the winning city for their second headquarters in 2018. Over the past seven years, home prices in Seattle's South Union neighborhood, home to Amazon's first headquarters, have risen 83 percent and rents by 47 percent, per data from Zillow.
With this in mind, MarketWatch targets four potential effects from Amazon's arrival, including: homeowners will see growing home equity, however, property taxes will rise with the assessed value of the home. Renters will probably have the hardest time keeping their housing affordable, yet, when Amazon makes its announcement, it could be an optimal time to buy a home.
Even model tenants who pay their rent on time and keep their unit in pristine condition are more exposed to rent hikes when a city suddenly becomes popular and landlords see a chance to make money. “There are few options for renters to maintain their housing costs if they live in a property where the owner has the legal right to increase rent,” said Douglas Robinson, a spokesman for NeighborWorks America, a nonprofit organization that supports community development.
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